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90635
NOK 96 billion in current account surplus
statistikk
2012-12-05T10:00:00.000Z
External economy;National accounts and business cycles;External economy
en
ur, International accounts, current account balance, direct investments, operational and capital accounts, financial accounts, investment abroad, foreign investment, transactions, stocks, financial assets, liabilities, portofolio investment, financial investments, revaluations, current account balance, balance of income and current transfers, reinvested earnings, net assets, BOP geographical breakdown, balance of goods, balance of services, BOP, IIP, balance of payments, international investment positionBalance of payments, National accounts , Foreign assets and liabilities , National accounts and business cycles, External economy
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International accounts, Q3 2012

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NOK 96 billion in current account surplus

The surplus on the current account was NOK 10 billion higher in the third quarter of 2012 compared to the second quarter. A strong income and transfer balance pulled the current account in a positive direction in the third quarter. Altogether, the surplus on the current account was NOK 316 billion in the first three quarters of 2012.

The result for the three quarters was NOK 48 billion higher than in the same period in 2011.

Balance of payments. 1st quarter 2005 to 3rd quarter 2012. NOK billion

Surplus reduction on goods and services

The value of exports of crude oil and natural gas declined by NOK 18 billion from the second to the third quarter for 2012. The decline was mainly due to a lower extraction rate in conjunction with maintenance work and technological difficulties on the Norwegian shelf. Imports of goods were NOK 3 billion lower in the third quarter compared to the second quarter. However, in the first three quarters of 2012 the balance of goods was NOK 35 billion higher than the same period in 2011.

The services balance showed a considerable deficit of NOK 14 billion in the third quarter. The deficit declined by NOK 9 billion compared to the second quarter. This must be seen in conjunction with higher travel expenses abroad in the third quarter.

Strong surplus on income and transfer balance

The surplus on the income and transfers balance was NOK 29 billion in the third quarter compared to a deficit of NOK 6 billion in the second quarter. This can be explained mostly by the sharp fall in dividends paid to the rest of the world.

Large transactions in portfolio investment abroad

The Norwegian portfolio investment abroad in the third quarter of 2012 amounted to NOK 150 billion and to NOK 354 billion in the period of the first to the third quarter of 2012. The amounts were NOK 23 billion and NOK 82 billion higher respectively than in the same periods in 2011. Most of the investment was made by the Government Pension Fund Global and the investment in equity securities was larger than the investment in debt securities as it has been since the first quarter of 2011.

The foreign direct investment in Norway in equity capital in the third quarter was considerable but in the three first quarters of 2012 the investment was still negative. This fact was contrary to the Norwegian foreign direct investment abroad, which was small in the third quarter but large in 2012 so far.

Balance of payments. Q4 2010-Q3 2012. NOK billion
  2010 2011 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Balance of goods and services  304  365 92 90 90 85 99  129 92 68
Balance of income and current transfers 0 9 -5 -9 3 9 6 4 -6 29
Current account balance  303  374 87 81 93 93  106  134 86 96
Capital transfers etc. to abroad, net 1 1 0 0 0 0 1 1 0 0
Net lending  302  373 87 81 93 93  105  133 86 96
Direct investment, net 39 68 -27 57 12 36 -37 38 34 8
Portifolio investment, net 96  249 28 25 77 79 67 -11 39  150
Other investment, net 91  171 -5 37 38 47 49 71 22 -66
Revaluations, net  125 -183 48 -49 -49 -195  109 80 -31 25
Increase in Norway`s net assets  427  190  135 33 44 -102  214  213 54  121

Revisions

The quarterly figures have been revised back to 2005. When compiling figures for the third quarter, final annual figures for 2010 from annual national accounts have been incorporated into the quarterly balance of payments. This has led to revisions on the 2010 figures, and subsequently on 2011 and 2012 data series. In 2009, a revision of the value of exports of natural gas led to an increase in the exports of goods worth NOK 25 billion. From 2005 to 2008, the revisions only entail marginal changes in the balance of income and current transfers.

For more information about price and volume growth of exports and imports, see the quarterly national accounts .

More details about exports and imports of goods are available in the statistics on external trade in goods .